There’s no big, honking news on the tape and no corresponding moves in stocks, Treasury bonds or other assets. But here’s what happened in gold around 10:45 a.m. ET this morning, with a more exaggerated move in silver:

The action has pushed gold to flat on the day, at $1,212, while silver is ahead by 4.1% to $19.31. Precious-metals bargain hunters “found few remaining sellers after strong consumer sentiment [data]” this morning, RBC Capital’s George Gero emailed clients Friday morning.

Fund investors were ahead of this trend, and may even have been driving it. About 20 minutes before the price surge, SPDR Gold Trust (GLD) was trending upward. It’s now enjoying a 1.2% rise to $117.32. Closed-end funds Sprott Physical Gold Trust (PHYS) and Central Fund of Canada (CEF) are also pulling ahead of the futures market, ahead by 1.1% and 2.8%, respectively. iShares Silver Trust (SLV) is about matching the market with a 4.2% rise.

About Focus on Funds

As exchange-traded funds and other investing vehicles have ballooned in number, the task of figuring out what works well and what doesn’t has only gotten harder. Barrons.com’s Focus on Funds looks under the hood of ETFs, mutual funds and hedge funds for overlooked values, actionable ideas and the latest pitfalls for fund investors.

Chris Dieterich has covered the U.S. stock market for The Wall Street Journal and Dow Jones Newswires. He is a graduate of Regis University and the Missouri School of Journalism.